South Korea’s sovereign wealth fund (SWF) Korea Investment Corporation (KIC)has acquired $78 million worth of Bank of America shares this year, The Wall Street Journal reports. Beginning January, KIC purchased the shares with part of the $145 million in dividends it received from the bank.
The Seoul-based SWF is yet to decide on how and where to invest the remaining of the $145 million in dividends. KIC is thinking of investing an additional $50 million in Bank of America shares.
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